Applied Finance Capital Management LLC Sells 2,013 Shares of AppLovin Co. (NASDAQ:APP)

Applied Finance Capital Management LLC lessened its holdings in AppLovin Co. (NASDAQ:APP) by 31.3% during the 4th quarter, HoldingsChannel reports. The institutional investor owned 4,420 shares of the company’s stock after selling 2,013 shares during the period. Applied Finance Capital Management LLC’s holdings in AppLovin were worth $1,431,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently made changes to their positions in the business. State Street Corp increased its stake in AppLovin by 8.6% in the third quarter. State Street Corp now owns 5,388,023 shares of the company’s stock valued at $703,406,000 after acquiring an additional 428,419 shares during the period. Toronto Dominion Bank boosted its holdings in AppLovin by 38.8% during the third quarter. Toronto Dominion Bank now owns 25,174 shares of the company’s stock valued at $3,286,000 after purchasing an additional 7,039 shares in the last quarter. Oxinas Partners Wealth Management LLC bought a new stake in shares of AppLovin in the 4th quarter valued at approximately $1,081,000. Virtu Financial LLC acquired a new position in shares of AppLovin in the 3rd quarter worth approximately $3,211,000. Finally, Franchise Capital Ltd bought a new position in shares of AppLovin during the 4th quarter worth approximately $2,811,000. Institutional investors and hedge funds own 41.85% of the company’s stock.

Wall Street Analysts Forecast Growth

APP has been the topic of a number of analyst reports. Jefferies Financial Group upped their price target on AppLovin from $400.00 to $425.00 and gave the company a “buy” rating in a research report on Wednesday, January 8th. Piper Sandler upped their target price on shares of AppLovin from $400.00 to $575.00 and gave the stock an “overweight” rating in a report on Thursday, February 13th. Oppenheimer reissued an “outperform” rating and set a $560.00 price target on shares of AppLovin in a report on Thursday, March 27th. Needham & Company LLC reaffirmed a “hold” rating on shares of AppLovin in a research note on Monday, March 17th. Finally, Wells Fargo & Company set a $538.00 target price on shares of AppLovin and gave the company an “overweight” rating in a research note on Thursday, February 27th. One investment analyst has rated the stock with a sell rating, four have given a hold rating, fifteen have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, AppLovin currently has a consensus rating of “Moderate Buy” and an average price target of $435.47.

Insider Buying and Selling at AppLovin

In other AppLovin news, CTO Vasily Shikin sold 17,500 shares of AppLovin stock in a transaction that occurred on Monday, March 10th. The shares were sold at an average price of $241.65, for a total value of $4,228,875.00. Following the transaction, the chief technology officer now owns 88,389 shares of the company’s stock, valued at approximately $21,359,201.85. The trade was a 16.53 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Arash Adam Foroughi sold 44,400 shares of the company’s stock in a transaction that occurred on Monday, February 24th. The shares were sold at an average price of $410.89, for a total transaction of $18,243,516.00. Following the completion of the transaction, the chief executive officer now owns 2,869,492 shares of the company’s stock, valued at $1,179,045,567.88. This trade represents a 1.52 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 306,900 shares of company stock valued at $106,401,841. Corporate insiders own 14.69% of the company’s stock.

AppLovin Stock Performance

Shares of AppLovin stock opened at $232.22 on Tuesday. The company has a debt-to-equity ratio of 3.70, a quick ratio of 2.41 and a current ratio of 2.41. AppLovin Co. has a 52 week low of $60.67 and a 52 week high of $525.15. The firm has a fifty day moving average of $340.67 and a two-hundred day moving average of $290.34. The stock has a market capitalization of $78.95 billion, a price-to-earnings ratio of 51.15, a PEG ratio of 3.02 and a beta of 2.39.

AppLovin (NASDAQ:APP) last posted its earnings results on Wednesday, February 12th. The company reported $1.73 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.12 by $0.61. AppLovin had a return on equity of 188.55% and a net margin of 33.54%. As a group, equities research analysts predict that AppLovin Co. will post 6.87 EPS for the current year.

AppLovin Company Profile

AppLovin Corporation engages in building a software-based platform for advertisers to enhance the marketing and monetization of their content in the United States and internationally. It operates through two segments, Software Platform and Apps. The company's software solutions include AppDiscovery, a marketing software solution, which matches advertiser demand with publisher supply through auctions; MAX, an in-app bidding software that optimizes the value of a publisher's advertising inventory by running a real-time competitive auction; Adjust, a measurement and analytics marketing platform that provides marketers with the visibility, insights, and tools needed to grow their apps from early stage to maturity; and Wurl, a connected TV platform, which distributes streaming video for content companies and provides advertising and publishing solutions through its AdPool, ContentDiscovery, and Global FAST Pass products.